There may be some circumstances where it would be possible to waive the requirement to obtain an accountants report.  This may apply to firms where only a small number of transactions is undertaken or a small volume of client money is handled in an accounting period.

The following criteria may be useful to the SRA when assessing whether or not to grant the waiver.

  • Any risk to the public in not having the report delivered;
  • Any previous disciplinary record and history relating to the delivery of accountant’s reports;
  • Any outstanding complaints against the firm
  • Any hardship caused to the firm by requiring delivery of a report;
  • Any correspondence or evidence sent in support of the application, in particular copies of bank statements for the relevant period;
  • The amount of money held and the number of transactions conducted during the relevant period.

This option may be worth considering as it may result in cost savings for your firm. If you would like to explore this further please contact your partner who can assist you in this matter.